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Workforce of the future: Business change and the millennial challenge

Banks need an innovative and dynamic image to attract and retain the workforce of tomorrow.

Overview

The talent challengeIn the search for differentiation and digitization, the nature of banks’ work is changing—along with the skills required to deliver it. The impact is being felt most keenly by front-office and information technology (IT) personnel.

To transform, the investment banking industry must first address critical questions about its workforces. In the wake of advances in technology and more stringent banking regulations there has been a shift toward increased transparency. Previous areas of competitiveness have been largely eroded. Return on equity has reduced. Banks are now looking for new ways to deliver value to clients and create a new competitive edge.

Key Findings

New workforce capabilitiesThe early career goals of many millennials do not align with existing bank business models. Banks must find new ways to attract, retain and reward new talent.

Evolving roles: Tomorrow’s traders will be responsible for supervising largely automated trading activity, overseeing asset liability management and maintaining client relationships. Softer skills and personal interaction will be more important as new IT roles emerge in service integration, cloud and client relationship management.

The millennial challenge: Retaining the knowledge of an aging workforce and incorporating it into a digestible training model for a younger workforce will be essential.

Changing workforces, changing needs for training and leadership: Managers must be equipped to manage the external workforce through intermediaries or digital toolsets. Broad-based training and incentives will be necessary to execute changes in products or culture and drive success.

Recommendations

A new era for talent managementBanks need to ensure that talent management is equipped to:

Attract and retain workers—particularly millennials, who are drawn to small, agile companies and a variety of professional experiences early in their careers.

Establish a roadmap of required skill sets—be flexible and transparent; for example, an open-sourced crowdsourcing approach to skills validation.

Answer extended workforce questions on career development—talent management has a role to play in facilitating training and career advancement for these resources.

Use human capital analytics—determine how to use data effectively to manage employees, realize an optimal return on human capital and identify future investments.

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